Spanish Banking Giant BBVA Joins EU Bank Stablecoin Project, Challenging Dollar Dominance

According to Odaily, Spain's second-largest bank, BBVA, has announced its participation in Qivalis, becoming the 12th member bank of this Amsterdam-based stablecoin project. Qivalis aims to launch a regulated, euro-pegged stablecoin, providing a digital euro payment and settlement option for the EU market while challenging the dominance of dollar-denominated stablecoins. The project's existing members include major EU banks such as BNP Paribas, ING, and UniCredit. Its goal is to issue stablecoins through the banking network, offering payment channels for businesses and consumers that do not rely on third parties outside the blockchain or the traditional financial system.

Currently, the global stablecoin market is valued at approximately $300 billion, of which only $860 million is pegged to the euro. Dollar-denominated stablecoins still dominate: Tether's USDT has a market capitalization of about $185 billion, and Circle Internet's USDC has a market capitalization of about $70 billion. (CoinDesk)